Dar es Salaam. State-owned TTCL through T-pesa has partnered with a consortium from South Korea to build a cashless transaction platform in the country.
The Korean companies are including Paylink Korea, KEB Hana Card and ATEC &T.
The objective is to pursue national cashless payment agenda in which T-pesa system will be a key driver in ensuring that over 50 per cent of transactions will digitized in T-pesa cashless platform by 2023.
T-pesa smart card, will be a prepaid card with contactless payment process also known as tap and go or wave and pay. The method will allow a person to pay for everyday items by holding a transaction smartcard close to an acquiring device.
Speaking at the signing ceremony, T-pesa Head of the Company Moses Alphonce said the partnership will enable the deployment of the largest payment eco-system in Tanzania to encompass modern customers to business to customers and business to business service platform.
“System is envisioned to be arguably the most scalable payment and settlement framework which will position T-pesa as lending payments solutions provider,” he said
The South Korean companies will supply prepaid cards (T-card), point of sale terminals with all component and interoperability system mapped to various sources of funds. He said the targeted sectors for quick deployment of T-pesa cards payment will be transport, retail and bulk merchant purchase as well as public services.